This post includes affiliate links. If you purchase anything through these affiliated links, 247wallst.com may earn a commission.
Born between the end of WWII and the 1960s, Baby Boomers are a generation that holds great political, social and economic power. The generation got its name because after the Great Depression and the hopelessness of WWII, many families had an optimistic look at the future. This led to a large number of babies being born during those years, and they remained the biggest generation until just recently when Millennials surpassed them.
As they age and begin to take the background to younger generations like Gen Z, they still hold great power. Any brand would be foolish to ignore its influence in so many areas, and auto brands are no exception. Every generation has a different effect on brands, and they all have something they prioritize. To determine what auto brands Baby Boomers favor, we looked at a YouGov survey done recently. To keep things as simple as possible, we looked at brands that were recognized by more than 90% of respondents, and listed them below, from most popular to least popular.
Why It Matters
The auto industry is worth almost three trillion dollars in the United States.
The auto industry is worth almost $2.86 trillion dollars, and Baby Boomers are the richest retiring generation in the country. This means they contribute a huge amount to an industry that is vital to the United States economy. Not only does this data shape advertising trends and stock prizes, but it also affects how other generations view these brands and how likely they are to buy them. At 24/7 Wall Street, our goal is to help our readers find the purchases that will build your personal wealth the most, whether that's on the stock market or on an auto purchase.
10. Ferrari
Ferraris were popular with just under 50% of Boomers, but studies show very few are purchased by people of the generation.
- Percentage of those surveyed who recognized the auto brand: 96%
- Percentage of those surveyed who preferred the auto brand: 47%
The Ferrari company itself is worth just under $85 billion. The brand was recognized by 96% of Baby Boomers surveyed, but popular with just under half of them. Studies show that most Ferrari owners are between 35 and 55 and most are self-employed. As most Boomers are retiring and not likely to buy high-end luxury cars, we think this data may just show what Boomers find exhilarating more than what they want to drive.
9. Acura
Acura is the luxury side of the Honda brand.
- Percentage of those surveyed who recognized the auto brand: 97%
- Percentage of those surveyed who preferred the auto brand: 47%
Acura is the luxury side of the Honda Motor Company, which is worth over $55 billion. Many Acuras have luxury amenities that make them popular with older drivers. Research shows that the average Acura buyer is in their mid to late 30s with a household income of around $200,000. Acura (and Honda) vehicles are likely to hold their resale value, so that may be a reason almost half of Baby Boomers ranked them as popular.
8. Bentley
The Bentley brand was famous but less popular than other brands.
- Percentage of those surveyed who recognized the auto brand: 95%
- Percentage of those surveyed who preferred the auto brand: 46%
Almost all of those surveyed recognized the Bentley, but only 46% had a favorable opinion of them. Bentley Systems itself is worth an estimated $14.03 billion. The average price of a Bentley is around $300,000, and retirees aren't as likely to put that kind of money into a vehicle. The average owner in the United States is 53, so this brand may be more popular with Millennials.
7. Ram Trucks
Ram's parent company is Chrysler and both operate under the brand Stellantis.
- Percentage of those surveyed who recognized the auto brand: 94%
- Percentage of those surveyed who preferred the auto brand: 45%
RAM was made a standalone brand in 2009 but is still under the parent company of Chrysler. Both brands are a subsidiary of Stellantis. The company is worth just over $40 billion, but only about half of Baby boomers preferred the brand. Women make up only 19% of Ram truck buyers and the average buyer is 50, putting them in the Gen X category.
6. Mitsubishi
Mitsubishi targets a younger generation for most of their vehicles.
- Percentage of those surveyed who recognized the auto brand: 99%
- Percentage of those surveyed who preferred the auto brand: 45%
According to Mitsubishi, their target market is consumers under 45 who are married and have an annual household income of at least $55,000, which may explain why they are only popular with 45% of respondents even though almost all recognized them. The brand itself is worth $574 billion.
5. Chrysler
Chrysler, as with Ram trucks, operates under the company Stellantis.
- Percentage of those surveyed who recognized the auto brand: 100%
- Percentage of those surveyed who preferred the auto brand: 45%
As stated in our Ram truck section, Chrysler functions under the Stellantis company. Every single respondent recognized the name, but only 45% preferred the brand. We were a bit surprised by this result, as Boomers want cars that are dependable, easy to use, safe and comfortable, and Chrysler is known for being many of those things.
4. Hyundai
Hyundai's preferred market is retirees and families.
- Percentage of those surveyed who recognized the auto brand: 98%
- Percentage of those surveyed who preferred the auto brand: 42%
Hyundai Motor Company is worth $58 trillion and is extremely successful in the United States. Unfortunately, even though so many Baby Boomers recognized the brand, not nearly as many favored the brand. As Hyundai markets to families, college students and retirees, they may need to rethink some of their branding strategies.
3. Infiniti
Infiniti is the luxury side of Nissan Motor Company.
- Percentage of those surveyed who recognized the auto brand: 94%
- Percentage of those surveyed who preferred the auto brand: 40%
Infiniti cars are preferred by families and individuals who want advanced features, performance and luxury. The numbers are dropping, as only 40% of those in the survey preferred this brand, while almost all of them recognized the name. Infiniti is the luxury version of Nissan and was established in 1985. Some of their newer cars are popular with females and those over 59.
2. Fiat
Fiat markets to a younger generation than Baby Boomers.
- Percentage of those surveyed who recognized the auto brand: 94%
- Percentage of those surveyed who preferred the auto brand: 30%
Baby Boomers really don't like the Fiat brand. While 94% knew of the brand, only 30% preferred them. The company itself is a huge part of the industry and is worth almost $31 billion. It's the 637th most valuable company in the entire world. Fiat also functions under the Stellantis brand, just like Chrysler, Dodge, Ram, Alfa Romeo, Jeep, Fiat and Maserati. Baby Boomers may not like Fiat because the company's target audience is young urban dwellers who are usually between 25-40.
1. Tesla
Tesla is remarkably unpopular with Baby Boomers.
- Percentage of those surveyed who recognized the auto brand: 97%
- Percentage of those surveyed who preferred the auto brand: 26%
Baby Boomers' least favorite car brand is the Tesla. This may be because they don't quite trust electric vehicles yet, as many have made a public stand against them. The company itself is worth $715 billion, and the founder, Elon Musk has his hands in many different business ventures. Unfortunately for him, only 26% of Baby Boomers are interested in his cars, while almost all of them recognize the name.
“The Next NVIDIA” Could Change Your Life
If you missed out on NVIDIA’s historic run, your chance to see life-changing profits from AI isn’t over.
The 24/7 Wall Street Analyst who first called NVIDIA’s AI-fueled rise in 2009 just published a brand-new research report named “The Next NVIDIA.”
Click here to download your FREE copy.
Local News
Comments / 0